Old National Bancorp (NASDAQ:ONB) Price Target Raised to $26.00

Old National Bancorp (NASDAQ:ONB) had its target price lifted by Barclays from $24.00 to $26.00 in a research note published on Tuesday,Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

Other research analysts have also issued reports about the stock. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, November 25th. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Tuesday. Finally, Piper Sandler reiterated an “overweight” rating and set a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Old National Bancorp currently has an average rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $23.16 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The stock has a 50 day simple moving average of $19.87 and a 200-day simple moving average of $18.63. The company has a market cap of $7.39 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82. Old National Bancorp has a 12-month low of $14.63 and a 12-month high of $23.76.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. During the same quarter in the prior year, the business posted $0.51 earnings per share. Old National Bancorp’s revenue was up 6.5% compared to the same quarter last year. On average, equities analysts forecast that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s payout ratio is currently 33.94%.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. boosted its position in Old National Bancorp by 147.3% during the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after acquiring an additional 4,303,071 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Old National Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after purchasing an additional 1,896,748 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Old National Bancorp by 6,650.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after buying an additional 1,256,892 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of Old National Bancorp by 469.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock valued at $19,400,000 after acquiring an additional 857,158 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after acquiring an additional 514,315 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.